The price of Bitcoin has failed to break above $100,000 and corrected its gains. BTC falling back below $96,500 may lead it back to the support area of $93,200.
Bitcoin has started a new round of decline from the area of $99,400.
The price is below $96,500 and the 100-hour simple moving average.
On the hourly chart of the BTC/USD currency pair, it has broken below the connected bullish trendline, with support at $98,400 (from Kraken's data feed).
If the currency pair remains above the support area of $95,000, it may start to rise again.
The price of Bitcoin is declining again.
The price of Bitcoin started a decent rise above the resistance zone of $96,500. BTC was able to climb above the resistance levels of $97,500 and $98,000.
The currency pair cleared the resistance level of $99,000 and is trading near the resistance level of $100,000. A high of $99,400 was formed, and the price recently began a new decline. It broke below the support level of $96,500. The price fell below the 99.400% Fibonacci retracement level of the upward wave from the swing low of $50 to the swing high of $92,415.
Additionally, on the hourly chart of the BTC/USD currency pair, it has broken below the connected bullish trendline, with support at $98,400. The price of Bitcoin is now trading below $96,500 and the 100-hour simple moving average.
The price is now holding in the $95,000 area and the 61.8% Fibonacci retracement level of the upward wave from the swing low of $92,415 to the swing high of $99,400. On the positive side, the direct resistance level is around $96,400. The first key resistance level is around $97,750.
Source: BTCUSD on TradingView.com
A clear break above the resistance level of $97,750 could push the price higher. The next key resistance level could be $99,000. A close above the resistance level of $99,000 could drive the price further up. In that case, the price could rise and test the resistance level of $100,000. Any further gains may bring the price close to the level of $102,000.
More losses for BTC?
If Bitcoin fails to rise above the resistance zone of $96,500, it may continue to decline. The immediate support level on the downside is around $95,200.
The first major support level is around $95,000. The next support level is now near the $93,800 area. Any further losses may cause the price to drop to the support level of $92,500 in the short term.
Technical indicators:
Hourly MACD - The MACD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now below the 50 level.
Major support levels - $95,000, followed by $93,800.
Major resistance levels - $96,500 and $97,750.
